Car A gets 20 miles per gallon, and sells for $17,000. Car B gets 40 miles per gallon, and sells for $34,000. In the economic way of thinking, which car is more efficient?
A) Car A
B) Car B
C) Both are equally efficient.
D) It depends on the car buyer's estimate of cost and benefit.
E) It depends on a number of statistical tests done by economists, the results of which are not stated in the question.
D
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The three most widely followed stock indexes in the United States include all of the following except
A) the Dow Jones Industrial Average. B) the S&P 500. C) the Fortune 500. D) the NASDAQ Composite Index.
One of the provisions of the Patient Protection and Affordable Care Act (ACA) is that in 2017, someone without health insurance was fined $695 or 2.5 percent of their income, whichever amount was higher. A growing number of younger and healthier people
chose to pay the fine and not purchase health insurance, which resulted in A) many additional insurance companies joining the ACA-established insurance marketplaces. B) some insurance companies leaving the ACA-established insurance marketplaces. C) the government tripling the fines for not purchasing health insurance. D) the total repeal of the ACA.
Which of the following refers to a short run phenomenon?
A. diminishing returns B. economies of scale C. constant returns to scale D. diseconomies of scale
Which description of capitalism was coined by Karl Marx?
A. The capitalist is led by an invisible hand to promote an end which was no part of his intention. B. By pursing his own interest he frequently promotes that of the society more effectively than when he really intends to promote it. C. The factory owner, by paying his workers meager wages, is able to use this surplus to buy more capital goods. D. None of these statements were coined by Karl Marx.